Outsourcing, as is done in today’s businesses encompasses every aspect of a business. It broadly covers payroll, IT, marketing, administrative tasks, and legal services and so on. As the year runs out, business process outsourcing would continue to change. There are major advantages, which outsourcing proffers to firms and such includes access to new skills and cheap cost and expanded operational ease of doing work. It is noted that with the coming of 2020, many firms would hire the services of an outsourcing company. These organizations would primarily outsource in order to get more value-added gains.

Reports had it that the major determinants to foster the growth of the outsourcing market are as follows: growing of organization data, increasing the budget for skill acquisition, IT equipment and processing, increased customer analysis, updating of business environment and operation. However, the market is faced with the threat of data privacy, which can obstruct the market’s rise to some degree.

The BPO (Business Process Outsourcing) industry has emerging trends that would totally transform it in the nearest future. These trends are –

1. Artificial Intelligence (AI) And Robotic Process Automation (RPA)

There are different kinds of benefits imbedded in using AI and RPA. As it stands now, many firms have launched their businesses to be AI and RPA compliant. It is predicted that by 2022, RPA and AI-based businesses would grow from $ 701m in 2017 to $8,130m, indicating an increase of 63%.

AI can do the following things:

• Change the universally known way of inputting information.
• Eliminates the threat of making errors
• It fastens the entry of data, making responsive and safer
• Upholds high level of steadiness
• Minimizes the use of paper-based information documentation

2. Invest in Cloud computing

One of the newest generational data storage method is known as cloud computing. Organizations with different capacities and sizes are seriously embracing this method of saving data. This provides them with greater speed and efficiency.

3. Increased focus on social media tools and automation

Customer care in any business is handled properly by the use of social media. As it is a trending practice today, many persons expect all companies to be active users of social media. In the years ahead, several companies will intend to outsource a social media specialist to increase the joys of their consumers.

Conclusion:

Over a period of four years, the present technology would pave way for newer ones to take over. It is expected that technologies like RPA, ML, BPM, SaaS, DL, IoT, and blockchain would gradually fade off. Subsequently, the use of voice, image, and video processing will become a major player. This will improve the customer/user experience. Always do consult your IT outsourcing specialist to be updating you on a regular basis.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.